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Sunday, October 4, 2026

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@calvinblissett 1 click

Calvin Blissett on X

$FSBW: Bought Pacific West Bank in August for 30m. Exp +7.5% EPS growth in 2027 due to this. PWBK has a 92% deposit mix NOT CDs. (attractive b/c lower cost). First Bancorp a bit cyclical due to home lending, consistent double digit ROE, conservative way to play eventual housing rebound. The problem was not that Pacific West had no franchise. It had a recognizable Portland commercial-banking niche, a relatively attractive deposit base, and specialized relationships with SMBs, nonprofits, professional-services businesses and digital partners. The problem was scale. Management acknowledged that Pacific West's size and market position made both organic and strategic growth difficult, while the cost and complexity of running a regulated community bank had risen materially after 2008 and 2020.
@calvinblissett 3 clicks

Calvin Blissett on X

$RENT Unique business model Being investigated for fraud 98% of customers rent a brand never owned, this is valuable marketing to the brands Lot of consumer data for past 18 years New CEO (Sept 14) focusing on core competencies Near 100% retention of brands since 2009 Acquisition target? The concise thesis RENT has spent years proving that women will rent clothes and almost as long proving that customer enthusiasm doesn't automatically produce shareholder cash. The turnaround is now more credible than it has been historically: revenue is growing rapidly, Q2 gross margins expanded 600+ bps, add-ons are booming, inventory sourcing is becoming less capital-intensive, debt was materially restructured, management is eliminating side projects, and AI-driven discovery is producing measurable engagement improvements. Rent The Runway, Inc RENT has never yet produced positive full-year owner earnings on this conservative cash definition. Rent The Runway, Inc So the thesis isn't “this is already a great business.” It is much narrower: If RENT can retain the revenue and customer improvements created by last year's inventory rebuild while reducing annual inventory investment toward ~$54m, shifting more merchandise onto brand-funded/revenue-share structures, and maintaining pricing/add-on gains, the company may finally cross from Adjusted-EBITDA profitability into genuine owner earnings.
@calvinblissett 1 click

Calvin Blissett on X

$ARTNA: microcap water utility at lowest P/E ever, 4% dividend. 9x cashflow. Family run for 115 years. Sussex county development expands regulated customer base. Wastewater growth engine. Its principal subsidiary, Artesian Water, is the oldest and largest regulated water utility on the Delmarva Peninsula. The company generates stable, recurring revenue by distributing and selling water and wastewater services to residential, commercial, industrial, and municipal customers under regulatory frameworks. In addition to its core regulated utility operations, Artesian Resources earns supplementary income from non-regulated activities including contract operations, infrastructure development, and service line protection plans, creating a business model that combines predictable utility income with service-based revenue streams.

Investor Letters

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Zentek Research Note

Zentek shipped its first ZenGUARD air-filter order to a Canadian federal facility as its Albany graphite PEA confirmed a US$3.85 billion…

ZTEKF $58M
Atrium Research - Equity Research 1 click

💥Yield!💥

Beyond Meat’s Q2 2026 revenue fell 8.2% as U.S. retail and foodservice volumes declined, while a flatter, not inverted, Treasury curve…

BYND $132M
PETITION

Updates

FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.

FGPR $248MPRTH $644M
Nat Stewart - Stock Picking Newsletter 8 clicks

Is The Bond Market Running On Empty?

U.S. Treasury yields are testing credit and equity markets, while the discussion also targets recent changes at Glass House (GLAS).

GLAS $401M
WHAT ARE WE DOING? “Contrarians At The Gate” 1 click

IEH Corporation: Research Note

IEH booked $3.6 million in mobile-defibrillator connector orders, lifting its medical revenue outlook and diversifying beyond aerospace and…

IEHC $74M
Atrium Research - Equity Research 7 clicks

Ranch-to-Market

Queen City Investments trades near $1,800 per share, with trust, real estate and investment assets supporting a $3,000 valuation as…

QUCT $115M
Obscure Stocks

Boston Omaha Corporation ($BOC)

Boston Omaha trades at $13.31 versus a $23-$30 intrinsic-value estimate, with billboard, broadband, hangar and surety businesses valued at…

BOC $391M
Calvin Blissett

GAMCO Investors, Inc. - GAMI

GAMCO Investors trades OTC at a $550 million market cap, with $150 million in excess cash and a 5.2-5.7x operating-income valuation despite…

GAMI $553M
Exploring with Alluvial Capital

NL Industries

NL Industries’ $330 million market value is backed by $626 million of public stakes and cash, less estimated legal fees, creating a…

NL $344MCIX $480M
Sylence Capital

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